Jim has farmed since 1960 and the couple have been in the area for the past 30 years, remaining passionate about dairying. But none of their three sons and one daughter, who are all professionals, were interested in working on the farm.
Jim suffered back issues 10 years ago which saw the couple employ contract milkers. Then decide to build a new dairy and put a sharefarmer on their property.
“It didn’t work out and in 12 months they were gone,” Jim told the Australian Dairy Conference in Geelong earlier in the year.
Then he met Matt at the Warragul saleyards.
“We got on very well and my banker said ‘Why don’t you finance cows on Matt’s behalf?’”
Matt had combined two careers, working on farms as well as in restaurants both in Australia and the United Kingdom. After meeting his wife Caroline while working on an organic farm in the UK they decided to come back to Australia where he worked as a chef for two years.
“Financially I wasn’t getting anywhere and I was bored,” he said.
He went fencing for 12 months and wrote an ad seeking dairy land to lease.
With about AU$45,000 worth of equity, he admits although he had put together some figures when he went to a financier to ask about leasing cows, he was naïve.
That was when the suggestion was made that Jim might finance him into his herd.
“I was told Jim’s name three times in one week and I went from there,” he said.
In 2010 the two couples signed a share agreement in the form of a 50:50 contract with the Wilsons providing the herd, mobile plant and most of the labour and the Watsons allowing them use of the farm and financial backing to buy the cows, along with their experience and knowledge.
Management decisions are totally Matt’s, with Jim saying they both have to bite their tongues at times.
“But I’m very pleased to be involved in day-to-day decisions. We would both come out of it badly if we walked away so we have a commitment to make it work.”
They would like to be continuing the arrangement in five years’ time. They’ve also made a sideways move in to developing a dairy heifer business where surplus stock are raised and sold, keeping them hands-on in dairying.
Matt said the biggest challenge for him was the mental one.
“I thought I knew more than I did then I realised I needed Jim. We’ve only had one decent argument in four years.”
The first step for the young couple, who now have two young children, is to try to own the cows, which they hope will happen in six years time. Then they would like to own machinery outright.
“We want to remove as much debt as possible and try to progress to buy the farm,” Matt said.
“I’ll be here until I can buy a farm or this one.”
